- DrFirst, a health technology pioneer, announced it closed a $50 million equity investment from Sixth Street Growth. These are the details.
DrFirst, a health technology pioneer, announced it closed a $50 million equity investment from Sixth Street Growth — which is the growth investing platform of Sixth Street, a leading global investment firm. Following Sixth Street’s previous $35 million investment and another $50 million from Goldman Sachs Growth (both in 2020), DrFirst’s investment total over the past year is now $135 million.
DrFirst solutions are used by nearly 300,000 healthcare professionals, including over 100,000 prescribers, nearly half of the electronic health record (EHR) systems in the U.S., and more than 1,400 hospitals in the U.S. and Canada. And the company’s sustained business growth, long-standing work with leading health systems, expanding customer base, and proven leadership in the digital health solutions market is underscoring the investments.
The company has pioneered solutions for e-prescribing and medication management, care collaboration, medication adherence, and price transparency for prescriptions and medical procedures. And its idea-driven product development is considered a hallmark of DrFirst, which strives to connect people at touchpoints of care with the information they need to improve patient outcomes.
James F. Chen, CEO and chairman of DrFirst, had founded the company in 2000 to tackle challenging issues in healthcare, starting with e-prescribing and progressing to its current portfolio of solutions, which encompasses telehealth as part of care collaboration and patented artificial intelligence (AI) that improves the accuracy of patient medication history.
Lee Mooney of Sixth Street had joined DrFirst’s Board of Directors.
KEY QUOTES:
“The follow-on investment from Sixth Street Growth signals their deep commitment to DrFirst as we continue to bring practical, collaborative tools to market that solve daily problems among healthcare stakeholders, including clinicians, patients, hospitals, ambulatory practices, pharmacies, and payers. We’re also thrilled to have Sixth Street join our Board as an innovation-minded partner that understands the value and impact of secure information sharing in improving patient outcomes.”
— James F. Chen, CEO and chairman of DrFirst
“Software that improves healthcare workflows has been a long-term theme for our team, and DrFirst stands out as a scaled and differentiated enterprise technology platform providing high-quality, user-friendly technology solutions. Their offerings help physicians provide better, more informed care, which ultimately accrues to the benefit of patients and all healthcare stakeholders.”
— Michael McGinn, partner and co-head of Sixth Street Growth
